Question ID: 2798
Regulation Reference: (EU) 2019/1238 - Pan-European Personal Pension Product (PEPP)
Topic: Central public register (Art. 13 PEPP)
Article: 13
Status: Final
Date of submission: 21 Sep 2023
Question
I have a query regarding Pan-European Personal Pension Products (PEPP). I see from your central register for PEPP that FINAX are currently the only provider of PEPP in the EU (as of September 2023). When I go to their website FINAX only offer PEPP for citizens from Slovakia, Czechia and Croatia. I thought once a PEPP was available in any EU country, then citizens from all EU countries could apply for this product? Or do providers not have to offer it to all EU citizens if they wish?
EIOPA answer
A PEPP saver may subscribe to a PEPP as long as a PEPP is offered in his/her country of residence.
PEPP providers do not need to provide PEPPs or PEPP sub-accounts in all Member States. PEPP providers must provide sub-accounts for at least two Member States within three years of the date of application of the PEEP Regulation, i.e. from March 2025.
Upon launching a PEPP, the PEPP provider should provide information on which sub-accounts are immediately available, in order to avoid a possible misleading of PEPP savers. If a PEPP saver moves to another Member State and if the PEPP provider does not provide a sub-account for that Member State, the PEPP provider should make it possible for the PEPP saver to switch without delay and free of charge to another PEPP provider which provides a sub-account for that Member State. The PEPP saver has the option to continue saving in the last sub-account opened.